EU Broker Spread Index
November 2026 Edition
28 brokers ranked by total EUR/USD trading cost. Spread + commission per standard lot, computed from each broker's cheapest account type, from published fees. Methodology public; data downloadable.
Key Findings — November 2026
Cheapest All-In
$4.50/lot
Axi (Premium)
Median Cost
$8.00/lot
Middle of the field (19 EU-eligible brokers ranked)
Most Expensive
$13.00/lot
Trading 212
EU Eligible
22/ 28
Can onboard EU/EEA retail clients
The spread between the cheapest and median broker is $3.50 per standard lot. On a 30-lot/month trader, that gap compounds to $1260 per year — a meaningful drag on net returns that most retail traders overlook.
The October edition explained (3 min 27 s)
How all-in cost is calculated, why a minimum spread flatters a broker, and how to check your own. Names no brokers; the table below does.
Markets desk
The Markets Desk byline covers broker analysis, EU regulation, trading-cost analysis, and risk management. Research is conducted by qualified contribu...
Credentials
- Editorial persona — FX-Brokers EU
Full Index — November 2026
Download CSV| # | Broker | Account | Spread | Commission (RT) | All-In / Lot | EU | Regulators | |
|---|---|---|---|---|---|---|---|---|
| 1 | Fusion Markets | Zero | 0.00pipminimum | $4.50 | $4.50 | No | ASIC, VFSC, FSA | Review → |
| 2 | Axi | Premium | 0.00pipminimum | $4.50 | $4.50 | Yes | CySEC, FCA, ASIC +1 | Review → |
| 3 | Trade Nation | TN Trader | 0.50pipfixed | None | $5.00+$0.50 | Yes | FCA, CMVM, ASIC +3 | Review → |
| 4 | Interactive Brokers | IBKR Pro (Tiered) | 0.10pipminimum | $4.56 | $5.56+$1.06 | Yes | SEC, FCA, CBI +1 | Review → |
| 5 | eToro | CFD | 0.57pipminimum | None | $5.70+$1.20 | Yes | CySEC, FCA, ASIC | Review → |
| 6 | BlackBull MarketsPartner | ECN Prime | 0.00pipminimum | $6.00 | $6.00+$1.50 | No | FMA, FSA | Review → |
| 7 | Tickmill | Raw | 0.00pipminimum | $6.00 | $6.00+$1.50 | Yes | CySEC, FCA, FSA | Review → |
| 8 | Vantage Markets | Raw ECN | 0.00pipminimum | $6.00 | $6.00+$1.50 | No | ASIC, CIMA, VFSC | Review → |
| 9 | Exness | Raw Spread | 0.00pipminimum | $7.00 | $7.00+$2.50 | No | CySEC, FCA, FSA | Review → |
| 10 | Equiti | Premier | 0.00piptypical | $7.00 | $7.00+$2.50 | No | FCA, CySEC, SCA +1 | Review → |
| 11 | Eightcap | Raw | 0.00pipminimum | $7.00 | $7.00+$2.50 | Yes | ASIC, FCA, CySEC | Review → |
| 12 | FXTM | Advantage | 0.00pipminimum | $7.00 | $7.00+$2.50 | No | FCA, FSCA | Review → |
| 13 | Admirals | Zero | 0.10piptypical | $6.00 | $7.00+$2.50 | Yes | CySEC, FCA | Review → |
| 14 | Forex.com | Standard | 0.70pipminimum | None | $7.00+$2.50 | Yes | CySEC, FCA, NFA +1 | Review → |
| 15 | Capital.com | CFD | 0.70piptypical | None | $7.00+$2.50 | Yes | FCA, CySEC, ASIC +2 | Review → |
| 16 | PepperstonePartner | Razor | 0.10piptypical | $7.00 | $8.00+$3.50 | Yes | BaFin, CySEC, FCA +1 | Review → |
| 17 | IC Markets | Raw Spread (MetaTrader) | 0.10piptypical | $7.00 | $8.00+$3.50 | Yes | ASIC, CySEC, FSA | Review → |
| 18 | XTB | Standard | 0.80pipminimum | None | $8.00+$3.50 | Yes | KNF, FCA, CySEC | Review → |
| 19 | Swissquote | Standard | 0.80pipminimum | None | $8.00+$3.50 | Yes | FINMA, CSSF, FCA +1 | Review → |
| 20 | AvaTrade | Retail CFD | 0.80piptypical | None | $8.00+$3.50 | Yes | Central Bank of Ireland, CySEC, ASIC +2 | Review → |
| 21 | IG | CFD | 0.90piptypical | None | $9.00+$4.50 | Yes | BaFin, FCA, ASIC | Review → |
| 22 | Saxo Bank | Classic | 1.10pipminimum | None | $11.00+$6.50 | Yes | Danish FSA, FCA, ASIC | Review → |
| 23 | FxPro | cTrader | 0.43piptypical | $7.98 | $12.28+$7.78 | Yes | FCA, CySEC, FSCA | Review → |
| 24 | FXCM | Standard | 1.30piptypical | None | $13.00+$8.50 | Yes | CySEC, FCA, ASIC | Review → |
| 25 | Trading 212 | CFD | 1.30piptypical | None | $13.00+$8.50 | Yes | FCA, CySEC, FSC +1 | Review → |
| 26 | XM | Zero | N/Apip | None | N/A | Yes | CySEC, ASIC, IFSC | Review → |
| 27 | Plus500 | CFD | N/Apip | None | N/A | Yes | CySEC, FCA, ASIC | Review → |
| 28 | OANDA | Basic | N/Apip | None | N/A | Yes | FCA, ASIC, NFA +1 | Review → |
Costs use $10/pip for EUR/USD on a standard lot (100,000 units). Commission normalised to round-turn. "Spread" is the broker's published EUR/USD typical or average where it publishes one, otherwise its published minimum or fixed spread; the basis under each figure links to the source page. Live spreads widen during illiquid sessions and news events. Last verified: 2026-10-23.
What the spread difference costs you per year
Small per-lot differences compound. The table shows the annual cost at three trading volumes for the top 15 brokers. The final column shows how much more you pay annually compared to the index leader.
| Broker | All-In / Lot | 10 lots/mo | 30 lots/mo | 100 lots/mo | Extra vs #1 (30/mo) |
|---|---|---|---|---|---|
| Fusion Markets | $4.50 | $540 | $1620 | $5400 | $0 |
| Axi | $4.50 | $540 | $1620 | $5400 | $0 |
| Trade Nation | $5.00 | $600 | $1800 | $6000 | +$180 |
| Interactive Brokers | $5.56 | $667 | $2002 | $6672 | +$382 |
| eToro | $5.70 | $684 | $2052 | $6840 | +$432 |
| BlackBull Markets | $6.00 | $720 | $2160 | $7200 | +$540 |
| Tickmill | $6.00 | $720 | $2160 | $7200 | +$540 |
| Vantage Markets | $6.00 | $720 | $2160 | $7200 | +$540 |
| Exness | $7.00 | $840 | $2520 | $8400 | +$900 |
| Equiti | $7.00 | $840 | $2520 | $8400 | +$900 |
| Eightcap | $7.00 | $840 | $2520 | $8400 | +$900 |
| FXTM | $7.00 | $840 | $2520 | $8400 | +$900 |
| Admirals | $7.00 | $840 | $2520 | $8400 | +$900 |
| Forex.com | $7.00 | $840 | $2520 | $8400 | +$900 |
| Capital.com | $7.00 | $840 | $2520 | $8400 | +$900 |
Top 15 by all-in cost shown. Full data available in the CSV download.
Where our partners rank
We earn affiliate commission from these brokers. Their placement in the index is determined by the same methodology applied to every broker — no preferential ranking.
Methodology
Data sources
Spread and commission figures are read from each broker's own website (the EU entity where the broker has one): account-type pages, EUR/USD instrument pages and published cost disclosures. For the cheapest account open to any retail client we record the published EUR/USD typical or average spread where one exists, otherwise the published minimum, plus the round-turn commission. Accounts that need broker approval, professional status or large funding tiers are excluded. Every figure is re-checked before each edition is published, and the source page is linked on each row.
Cost calculation
Total cost per standard lot = (spread in pips × $10) + round-turn commission. One pip on EUR/USD is worth $10 on a standard lot (100,000 units). Commission is normalised to round-turn: if a broker quotes "$3.50 per lot per side," we record $7.00 round-turn. Spread-only accounts have $0.00 commission.
Ranking rule
Brokers are sorted ascending by all-in cost. Ties are broken by raw spread (lower wins). EU eligibility does not affect ranking — non-EU-eligible brokers are included for completeness but flagged in the table.
Limitations
- Advertised spreads are floors or typicals, not live measurements.
- Some brokers offer volume-based commission discounts not captured in the headline rate.
- Swap costs (overnight financing) and slippage are not included.
- The index covers EUR/USD only. Cross pairs and exotics have different characteristics.
Affiliate disclosure
fx-brokers.eu earns affiliate commission from some brokers in this index. Affiliate partnerships do not influence ranking. Partners are labelled in the table. See our editorial policy.
Click measurement
When we report click volumes to affiliate partners or use them internally, only verified-human clicks are counted. A click qualifies as verified-human when all three conditions are met:
- Real-browser signal — the User-Agent header is present and browser-formatted (begins with “Mozilla/”).
- No automation patterns — the User-Agent does not match bot, crawler, script, or headless-browser signatures (curl, wget, Python, Java, Scrapy, HeadlessChrome, and others).
- Unique session — the User-Agent does not appear more than 25 times within the measurement window. A genuine broker comparison never produces 25+ visitors with byte-identical User-Agents; exceeding this threshold indicates proxy or scraper traffic.
IP addresses are never stored (GDPR by design), so we do not use IP-based or datacenter-ASN filtering. The same-UA burst heuristic above replaces that approach. Bot-filtered and burst-excluded clicks are tracked separately for audit purposes but are never included in any published figure.
Cite this index
Published under CC BY 4.0. Attribution required; no permission needed.
fx-brokers.eu. "EU Broker Spread Index — November 2026." Published 2026-10-24. Available at: https://fx-brokers.info/research/eu-broker-spread-index
For academic citation, link to the permanent edition URL. The canonical URL always points to the current edition.
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Frequently asked questions
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74–89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The data in this index is for informational purposes only and does not constitute investment advice or a recommendation to trade with any specific broker. Past performance is not indicative of future results.
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